Multi-channel mortgage lender CrossCountry Mortgage (CCM) announced that it is expanding its reverse mortgage division by making additional investments, resulting in what it calls “enhancements.”
Citing market fluctuations particularly faced by older Americans and retirees, the company says that it has identified a need among its customers to provide more options for providing cash flow in retirement.
“[B]orrowers heading into retirement are seeking solutions that will benefit their future,” the company said. “CCM’s newly established Reverse One Team offers a specialized network of advisors and tools for loan officers to become certified specialists in originating reverse mortgage loans.”
Reverse training and certification programs among forward lenders appear to be picking up steam recently. Other lenders active in the space, including Fairway Independent Mortgage Corp. and Guaranteed Rate, offer pathways within their organizations for forward professionals to become certified in reverse mortgages. Broker shops including C2 Financial also maintain a reverse training and certification program.
“Longtime homeowners ready for that next chapter of their lives deserve security and peace of mind as they work to make their retirement goals a reality,” said Nick Petrillo, divisional VP of the lender’s Reverse One team. “We are excited for the future of CCM’s reverse mortgage division to continue bringing fiduciary responsibility back to the borrower by utilizing the equity in their home as a strategic asset.”
While bringing more forward specialists up-to-speed with reverse origination practices can certainly help to expand the business, some reverse mortgage professionals contend that anyone getting involved in the business must be aware of some of the specific differences inherent in originating the product when compared with more traditional, forward mortgage options.
According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), CCM is the 21st-largest reverse lender in the country by volume. It has recorded 47 loans so far in 2023 as of April 30, which already outpaces its full year 2022 volume of 30 units.
Its biggest state for reverse mortgage business — as is the case with eight of the top 10 lenders — is California.